Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data VEEA INC. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
9.07
0.14
0.22
Cost of revenue
0.47
0.08
0.07
Gross profit
8.61
0.06
0.15
Research and development
0.69
1.37
0.33
Selling and marketing
0.22
0.81
0.35
General and administrative
17.2
26.6
17.7
Operating expenses
19
84.1
19
Operating income
-2.92
-4.07
-10.4
-84.1
-18.8
Interest expense
5.32
1.81
2.2
Interest income
0.02
4.68
0
Other non-operating income
9.51
14.7
-5.28
36.5
12.2
Income tax
0.07
0.02
0
Net income
6.59
10.6
-15.6
-47.5
-6.66
EBITDA
-9.54
-83.8
-18.2
EPS, basic
-0.97
-1.88
-0.16
EPS, diluted
-0.97
-1.88
-0.16
Shares, basic (weighted)
16.2
25.3
42.8
Shares, diluted (weighted)
16.2
25.3
42.8
Balance sheet
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
0.11
0.09
6.01
1.69
0.13
Receivables
0.05
0.08
0.14
Inventory
7.38
7.46
9.65
Other current assets
0.34
0.04
0.51
0
0
Total current assets
0.45
0.13
14
14.9
15.6
Property, plant and equipment
0.38
0.21
0.09
Lease right-of-use assets
0.55
0.12
Goodwill
4.58
4.8
4.78
5.1
Intangible assets
0.63
0.79
7.43
Other non-current assets
0.2
0.03
Total assets
320
324
20.8
21.1
28.2
Accounts payable
1.06
2.64
1.08
1.29
4.05
Accrued liabilities
4.74
1.91
1.53
Total current liabilities
1.17
3.88
32.2
20.1
31.8
Lease liabilities
0.12
Total liabilities
21.7
15.4
32.3
38.1
38
Total debt
23.9
12.8
Paid-in capital
0
0
159
201
216
Retained earnings
-21.2
-15.3
-170
-218
-224
Other comprehensive income
-0.66
0.13
-1.25
Shareholders' equity
-21.2
-30.3
-11.5
-17
-9.75
Total equity
-21.2
-30.3
-11.5
-17
-9.75
Total liabilities and equity
320
324
20.8
21.1
28.2
Shares outstanding
19.6
36.2
50.5
Cash flow statement
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
6.59
10.6
-15.6
-47.5
-6.66
Depreciation and amortization
0.82
0.27
0.63
Stock-based compensation
0.48
6.7
1.14
Change in receivables
-0.03
-0.03
-0.05
Change in inventory
-0.15
-0.64
-0.79
Change in payables
1.58
-1.59
0.34
3.41
Cash from operations
-2.14
-1.02
-12.7
-25.6
-15.2
Capital expenditures
-0.03
-0.05
-0.01
Purchases of investments
-19.2
Cash from investing
-319
0
-0.16
-0.27
-0.25
Debt issued
5
1.45
Stock issued
313
0
17.3
9.96
5.29
Share buybacks
-294
Cash from financing
321
1
18.6
21.6
13.9
Exchange rate effect
0.06
-0.04
-0.01
Net change in cash
0.11
-0.02
5.82
-4.32
-1.55
Free cash flow
-12.7
-25.6
-15.2
Interest paid
0.89
0.5
0.8
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $3.08 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
76.7%
Gross profit / revenue.
Operating margin
-4,135.0%
Operating income / revenue.
EBITDA margin
-3,964.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-2,492.0%
Net income / revenue.
Operating cash flow margin
-3,924.0%
Cash from operations / revenue.
Return on equity (ROE)
-152.1%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-40.7%
Net income / average total assets.
Return on invested capital (ROIC)
-96.4%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
81.4%
Research and development expense / revenue.
Stock-based pay / revenue
359.0%
Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue
171.0%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
56.6%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
160.0%
Gross profit vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
33.8%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-55.7%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
69.5%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.57x
Current assets / current liabilities.
Quick ratio
0.22x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.19x
(Cash + short-term investments) / current liabilities.
Debt / equity
1.31x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
35.1%
Total debt / total assets.
Liabilities / assets
73.2%
Total liabilities / total assets.
Net debt
$8.6M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.24
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.01
Revenue / diluted weighted shares.
Operating cash flow per share
-$0.37
Cash from operations / diluted weighted shares.
Book value per share
$0.14
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
390x
Market cap / revenue.
P/B
23.8x
Market cap / shareholders' equity. Only when equity is positive.
EV/Sales
407x
Enterprise value / revenue.
Earnings yield
-6.4%
Net income / market cap (the inverse of P/E).
What was VEEA INC.'s revenue in fiscal 2025?
VEEA INC. reported revenue of $222.0K for fiscal 2025, 56.6% higher than the year before.
Was VEEA INC. profitable in fiscal 2025?
No. It reported a net loss of $6.7M.
How much free cash flow did VEEA INC. generate in fiscal 2025?
Cash from operations of $15.2M minus capital expenditures of $8.2K left free cash flow of -$15.2M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.